AP to cut 8% of staff through layoffs, buyouts

• In recent years, it's pushed to grow its income by investing in different business areas, like advertising. But the broader ad market is slow for news companies right now.

Zoom in: In a note to staff, AP's CEO Daisy Veerasingham said the company plans to reduce its workforce by 8% through a combination of buyouts and layoffs.

• Less than half of the staff reductions will impact the news division, she noted.
• The company will offer a voluntary separation plan to a small number of eligible staff, based on department, role and length of employment, Veerasingham wrote.
• She added that the AP has reached a tentative agreement with the News Media Guild to extend the buyout offer to some of its unionized staff in the U.S. that's subject to union ratification.

Zoom out: The staff cuts reflect broader challenges facing the entire media industry. Dozens of media companies have cut staffers this year amid an advertising slowdown and subscription fatigue.

The bottom line: "We all know this is a time of transformation in the media sector," Veerasingham wrote in her note.

• "Our customers – both who they are and what they need from us – are changing rapidly. This is why we've focused on delivering a digital-first news report. We now need to accelerate on this path."